Upcoming trade expo to boost China-Africa economic cooperation

The intimate economic relationship between Africa and China is going to be stronger based on the current progressing scenario. The ties will see further development soon when China-Africa Economic and Trade Expo opens in Hunan Province’s capital, Changsha between June 27 and June 29.

A total of 53 African countries have confirmed to attend the expo, and international organizations including the United Nations Industrial Development Organization, the World Food Programme and the World Trade Organization will also send representatives to attend the event, Xinhua noted.

Here are some facts and figures revealing the growing vitality of trade between China and Africa as well as broader economic exchanges.

• China has been the largest trading partner of Africa for 10 consecutive years.
• In 2018, trade volume between China and Africa amounted to 204.2 billion U.S. dollars, up 20 percent year on year.
• China has finished the negotiations of a free trade agreement with Mauritius.
• More than 3,700 Chinese enterprises have been set up in Africa by the end of 2018, with combined direct investment over 46 billion dollars.
• China's imports of non-resource products from Africa have increased significantly. In 2018, China's imports from Africa went up 32 percent year on year, with the imports of agricultural products up 22 percent.
• China's exports of mechanical, electrical and high-tech products accounted for 56 percent of its total exports to African countries.
• China's financial institutions have established more than 10 branches in Africa.
• South Africa and seven other countries have included the Chinese currency renminbi (RMB), or the yuan, in their foreign exchange reserves.
• China has formed RMB clearing arrangements with Zambia and signed currency swap agreements with four African countries including Morocco.

Also Read: China Trade Week launches in Kenya’s capital, Expo to run in two phases